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Selling your property or vacant land. Call L L Home -n- Land, LLHomeRealty
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Selling your home is an involved process, affects your family and your future. Before you begin this process, you'll want to ensure you have the most up-to-date information. When should you sell? How do you get the best price? Will I be able to sell my property in a down market? What if I owe more than it is worth and I have to sell Now? What is the difference between a "Short Sale, Deed in Lieu and Foreclosure"? What kind of renovations should be made prior to the sale? Call Me I can and will help you to get your home SOLD! 248.534-2264 or send me an email catherinelarive@gmail.com
The home selling reports will assist you in answering the many questions that arise during the home selling process. When you're armed with the right information, and an experienced real estate professional, you'll be closer to reaching your goal. |
Contact me if you have any questions about selling your home. I will treat you with the utmost respect and integrity. I believe in open honest communication when it comes to selling your most valuable asset. I am a full time career professional, I am always working for all of my customers and clients to give them the best quality service available. http://www.google.com/profiles/catherinelarive or http://www.cglmichiganhomesales.com, llhomenland@gmail.com Below, select desired reports.
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Foreclosure vs Deed in Lieu vs Short Sale
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How long before you can purchase another property if you have a Foreclosure, Deed in Lieu, or Short Sale on your credit report?
Foreclosure
A 5-year period is required to re-establish credit, from completion date of the foreclosure action.The following additional requirements apply after 5 years up to 7 years following the foreclosure action:
- Purchase of a principal residence is permitted with at least 10% down payment and Credit score of 680.
- The purchase of a second home, investment property or cash out refinance on any property is not permitted.
If there were extenuating circumstances that led to the foreclosure, such as loss of job, medical etc.
A 3 year waiting period is required to re-establish credit, measured from the completion date of the foreclosure action in addition to the other guidelines above.
Deed in Lieu of Foreclosure
A 4-year period to re-establish credit, from the date the deed-in-lieu was executed. Additional requirements apply after 4 years and up to 7 years following the completion date:
- The borrower may purchase a property secured by a principal residence, second home, or investment property with the greater of 10% minimum down payment or the minimum down payment required for the transaction.
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- Limited cash-out and cash-out refinance transactions secured by a principal residence, second home, or investment property are permitted pursuant to the eligibility requirements in effect at that time.
If there are extenuating circumstances that let to the foreclosue, such as loss of job, or medical. A 2-year waiting period is required to re-establish credit, measured from the completion date of the Deed in Lieu and the guidelines above. Preforeclosure Sale(Short Sale)
A two-year period is required to re-establish credit, measured from the completion date of the pre-foreclosure.
No Exceptions are given for extenuating Circumstances that may have contributed to the Preforeclosure sale.
All guidelines are for Fannie Mae loans which are typically 10-30 year Conventional. Additional guidelines will apply for FHA/VA. Make sure to double check with your individual lender and an attorney. This information is subject to change without notice. |
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